EMPIRE COMMERCE

Manawatu Standard, Volume LVI, Issue 264, 6 October 1936, Page 7

EMPIRE COMMERCE

CONGRESS DISCUSSION. FREEDOM FROM RESTRICTIONS. Per Press Association. WELLINGTON, Oct. 6. The Congress of the Chambers of Commerce of the British Empire was resumed this morning. Sir Albert At key (Britain) moved a resolution brought down in the name of the council expressing the hope that the development of Empire trade might be treed from the handicap occasioned by taxation imposed in certain Empire countries and Slates upon British nonresidents trading through agents in such countries and States, unless stocks are held by the resident agent or the agent has general authority to make contracts on behalf of the principal, or the branch, or management in the country where the business is transacted. Sir Albert Atkey said he thought the object of doing away with dual taxation was sufficiently clear, and he looked for unanimous support for the resolution. Mr F. W. Cook (Britain) seconded the resolution, which was carried after a brief discussion. Mr J. A. Aiton (Derby) on behalf of the council, moved a resolution with regard to monetary policy, that the congress viewed with satisfaction the attempt now being made to stabilise the franc, dollar and pound sterling in relation to each other and urged His Majesty's Governments to do everything in their power to promote specdv success. The congress was convinced that complete success could not be ensured until all nations stabilised their respective currencies in agreement with the franc, dollar and pound. It was further desired to emphasise the importance of the statement of the British Government that the requirements of the internal property of Empire countries must be taken fully into account in the policy towa.rds international monetary relations. The congress also laid stress on the withdrawal, if possible, of restrictions on financial payments, exchanges and trade if money is to follow its natural course of furthering to the best advantage the development of commerce gene rail v. SOCIAL CREDIT ATTACKED. Air Aiton, in the course of his speech, said he was sorry to see in New Zealand that some people had been bitten by the Douglas Credit bug, and thought they could get something for nothing. Nothing could be got for nothing. The depreciation of currency could not continue, it was a form of disease to which politicians were particularly susceptible, but it was a disease they should be inoculated against before they became politicians. They were not out to offend anybody, and if they were wise no offence would be taken.

Mr R. L. Barclay, C.B.E. (London), seconded the motion. He said it was not credit that was the basis of wealth, but wealth that was the basis of credit. They wanted in London to encourage the colonies and to lend money, but they must make it a condition that they were credit-worthy. Professor Hytten (Sydney) did not agree that exchange should he stabilised, and moved to add the words, “as far as internal conditions will allow.”

This found support, including that of Air W. Alachin (Christchurch), who said that, with regard to the deflation of currency, New Zealand now found herself in very good company. Air Martin (’Wellington) assured the British delegates that the, prices New Zealand was receiving, even to-day in Britain, were such that she could not carry on without the exchange. We would he obliged to reduce our importations to a very serious extent.

Replying to tiic amendment, Air Aiton said that despite all that had been said, lie was unrepentent. What bad been done by the exchange rate could better have been done another way.

The amendment was lost and the resolution carried by a large majority.